IRONWOOD, Mich., Feb. 06, 2018 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC Pink:KEWL) today announced fourth quarter earnings for the period ending December 31, 2017. The company reported net income of $926,423, or $0.71 per share, compared to $229,485, or $0.18 per share, in the fourth quarter of 2016. For 2017, Keweenaw recognized year-to-date net income of $567,619, or $0.44 per share, versus $698,682 year-to-date in 2016, or $0.54 a share, a decrease of 19%. Keweenaw also reported timber sales of $3,375,908 for the quarter, up $222,811, or 7%, from the $3,153,097 that the company reported in the comparable period in 2016. Timber sales for the year were $11,488,785, versus $10,911,462 in 2016, up 5%.
EBITDA Timber Operations Income for the fourth quarter was $396,773, compared to $482,616 in the same period in 2016. For all of 2017, EBITDA Timber Operations Income was $1,279,112, down 26% over the $1,729,239 reported in 2016. A comprehensive newsletter detailing operating results is available on the Company’s website at www.keweenaw.com.
About Keweenaw Land Association, Limited: Keweenaw is a forest products and land management company located in Ironwood, Michigan. Keweenaw has land holdings of approximately 185,500 surface acres and over 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan. Keweenaw shares trade in the OTC Markets under the Pink directory with 1,301,550 shares outstanding.
SOURCE: Keweenaw Land Association, Limited
Contact: James J. Simmons, Jr., Controller/Treasurer, Keweenaw Land Association, Limited, 1-906-932-3410